Air Canada Reports Record First-Quarter Results in 2026.Air Canada reported strong financial results for the first quarter of 2026, driven by sustained demand across its network and improved operational performance. The airline posted record operating revenues of CAD $5.785 billion, representing an 11% increase compared to the same period in 2025. Adjusted EBITDA reached a record CAD $623 million, up 61% year over year, while operating income totaled CAD $117 million, reversing the losses recorded during the previous year.
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The company also highlighted free cash flow of CAD $1.604 billion and total liquidity of CAD $8.798 billion. Operationally, Air Canada carried 10.96 million passengers during the quarter, an increase of 5.6% compared to Q1 2025. The load factor reached 86.1%, four percentage points higher than the previous year, while passenger yield improved by 2.9%. The airline ended the quarter with an operating fleet of 355 aircraft.
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Despite the strong performance, Air Canada announced the suspension of its full-year 2026 financial guidance due to volatility in global energy markets and uncertainty surrounding fuel prices linked to the conflict in the Middle East. Instead, the airline provided guidance for the second quarter, forecasting adjusted EBITDA between CAD $575 million and CAD $725 million, along with capacity growth of between 0.5% and 1% compared to Q2 2025. Michael Rousseau, President and CEO of Air Canada, stated that the results demonstrate the effectiveness of the airline’s strategy and the resilience of travel demand despite ongoing fuel cost challenges.
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